Dubai retailer eyes $91m India investment

Dubai-based home furnishings company Marina Home plans to invest more than $90m in a roll-out of stores across India, it was reported on Sunday.

The Rs500 crore investment will see around 50 stores opening in India in the next five years, Press Trust of India reported.

The company, which sells a range of home interiors, is aiming to make turnover of Rs300-400 crore in its first year of operations in the country.

"We plan to invest Rs500 crore in the next five years in India. Our target is to have 50 stores comprising large and medium size boutique stores across metro, tier I, tier II and tier III cities in the country," said Khurshid Vakil, Marina Gulf and Marina Home co-founder and co-owner in comments published in local media.

He added that the company, which has stores across the Middle East, would fund the expansion in India through internal accruals.

Marina Homes plans to invest Rs100 crore in 2013 and is also looking to tie-up with major builders to secure real estate projects, the report said.

The company is looking to open stores in countries like the UK, the US and Canada by the end of this year, it added.

"We are aiming to set up company-owned and managed stores in places like London, Toronto, Chicago and New York," Vakil was quoted as saying.